This clothing retailer now announces a massive liquidation as it puts its assets up for sale, including 200 trademarks and customer info.
Zulily, the online discount women’s and children’s apparel retailer, has tapped Hilco Streambank, an intellectual property firm, to sell its intangible assets, according to a Tuesday press release.
The sale includes customer data, domain names, social media assets, over 200 trademarks, and code for the Zulily proprietary app.
The retailer is accepting indications of interest until March 13, reports RetailDive.
If the company receives an acceptable offer, it may start the transaction before that deadline, according to Hilco Streambank.
Zulily, which launched in 2010, peaked at a market cap of $7 billion in 2014.
The following year, Qurate Retail Group purchased the company for $2.4 billion.
Qurate, which owns HSN and QVC, sold the e-commerce platform last May to Regent, a Los Angeles-based investment firm.
As part of the agreement, its former parent company paid $80 million of its outstanding debts.
In early December, Zulily filed Worker Adjustment and Retraining Notification paperwork in three states, indicating the layoffs of over 800 people.
Weeks later the company ceased operations and said it would liquidate its assets.
Earlier this month the company tapped Gordon Brothers to handle the liquidation of $85 million in inventory.
Zulily said that, along with retail inventory, it is selling assets from its fulfillment centers in Ohio and Nevada.
“Zulily targeted an attractive audience — discount shoppers looking for the best deals on women’s and kids’ apparel, footwear, and home goods,” Hilco Streambank Senior Vice President Richelle Kalnit said in a statement.
The e-commerce site had $666 million in sales in 2023, according to the company.
“A buyer of Zulily’s IP will have a prime opportunity to reengage these customers and to build on the Zulily brand recognition, including over 6.4 million social media followers across platforms, to acquire new ones,” Kalnit said.
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Also Read: This Massive Restaurant Is Now Closing 41 Locations
Other Economy News Today
A massive food brand now declares an unexpected bankruptcy after carrying a whopping $190 million of debt, sources report.
Most Americans don’t know the companies and farming operations that produce their produce.
Trinitas Farming, a large provider of almonds does not market its brand despite the size of its operation.
Now the company has now filed for Chapter 11 bankruptcy protection.
Trinitas Farming is owned by Trinitas Partners, a Redwood City, California private-equity firm that began acquiring almond ranches in 2015 and now runs 17 of them covering 8,000 acres, according to the SJVSun.
Americans probably won’t see their almond supplies disrupted.
The company plans to keep producing as it attempts to sort out its finances.
Trinitas disclosed in its bankruptcy filing that it had essentially run out of cash and plans to sell its farms and other assets.
The company attributed its problems to its heavy debt load and low almond prices. It also cited lower yields at newer farms, making it impossible to produce profitable crops.
“Debts include a $130 million term loan extended by Rabo Ag in November 2022, plus an additional $31 million in ‘delayed draw’ loans,” the Business Journal of Fresno, Calif., reported.
“Debts owed to 20 of the largest unsecured creditors total more than $26.6 million.
Its largest unsecured creditor is The Almond Co. hulling operation in Madera, with a $9.2 million claim.
The Harvesting Group in Fresno is owed $4.8 million.”
The company has asked the U.S. Bankruptcy Court for the Northern District of California to approve a $30 million funding plan as it enters a crucial period during the almond growing season.
If those funds are not approved quickly, the company could see a major interruption in its ability to grow almonds.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
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